Rupee regains strength vs dollar-22nd December 2008

KARACHI: The national currency recovered some of its strength against the American currency in the inter-bank market, dealers said on Monday.

The rupee gained 10 paisas against the dollar during the day’s trading. The greenback commenced the week’s trading at Rs 78.75 for buying, appreciated and was changing hands at Rs 78.95 for buying and Rs 79.00 for selling at the end of the day’s trading. Market dealers attributed the appreciation in the value of rupee to diminishing demand for dollar and falling crude oil price in the international market was another reason. The European single currency was down against the national currency, during the day’s trading. The euro started the day’s trading at Rs 115.95 for buying and after shedding major grounds was changing hands at Rs 111.02 for buying and Rs 111.22 for selling at the end of the day’s trading. Therefore, the national currency recorded a gain of Rs 4.93. The pound sterling also lost strength against the national currency as the British currency commenced the day’s trading at Rs 121.20 for buying, lost grounds and was changing hands at Rs 117.27 for buying and Rs 117.47 for selling at the end of the day’s trading. Thus, the local currency incurred a gain of Rs 3.93.

Open market: The dollar was up against the rupee in the open market, dealers said. The dollar started off the day’s trading at Rs 78.00 for buying, gained grounds and was changing hands at Rs 78.70 for buying and Rs 79.70 for selling at the end of the day’s trading. The rupee incurred a loss of 70 paisas. However, the pound posted gains against the rupee, as it commenced the day’s trading at Rs 114.29 for buying and after gaining strength was changing hands at Rs 114.85 for buying and Rs 117.62 for selling at the end of the day’s trading. Therefore, the rupee recorded a loss of 56 paisas.